All Forum Posts by: Kodi Floyd

I have a 4 bed 1 bath perfectly located near a growing hospital in the northern part of Pennsylvania. I have it under contract for 31k, they asked 39k. closing date still not confirmed but will be soon. My GC ( father-in-law) has the project at 60k. It will be a fairly in depth flip but not a full gut. Multiple Exit strategies will work. ARV is 180k - 200k. Rent will pull 1800 - 2100. I plan on buying the property cash, have 15k cash reserve and looking to finance the labor/material cost of 60k. It's going to take me 3 months to complete the project. Let me know what you all think and if anyone is interested we can talk more in detail and about returns. Thanks for looking

I recently got a home under contract, old beat up 3 bed 2 bath in a neighborhood that generates homes around the 90k area. I got it for $14,500. An LLC bought it for $1 from the previous owner that pretty much had squatters in it. So The LLC was just trying to dump it. New roof and a company is coming in to install a radon mitigation system so the basement is getting a vapor barrier installed all before I even close on the house. Other than that we are looking at about a 50k rehab, ARV is at 90k. My problem is that my hard money lender pulled out because of the price I got the house and rehab costs. I found a lender that said they could do the loan but wants to see about 15k to 17k in my bank. I don't have 15k to 17k, hence the reason for the hard money loans. If I had a buddy that wanted to put 10k into the investment could I use his money and my money combined as "my funds in reserve" to get the loan. Or will they want to see how the money got there? Could my wife also pull a personal loan to cover? The deal is too good to pass up and I'm about to do some line of credit drama and fund the flip that way.

I am trying to figure out my other options. I will be able to buy the house outright if I had to and then use lines of credit via my wife pulling personal loans and my own credit cards to fund the flip if I can't get a loan. I am currently calling every hard money lender on this list to see what i can get together or workout. Kinda stressful as I had everything planned out and then the money I though I had secured for this disappears. Didn't see that one coming honestly. Just curious if anyone had gone through a lender that is comfortable and flexible with these smaller loans.

Sorry I messed that up. I'm looking at about a 20k profit. $90,000 minus $51,600 loan. This puts me at $38,400. Pay myself back the $12,900. Now I'm at $25,500. closing costs put me around 18k to 20k profit

Property is $14,500. Rehab is at $50,000. ARV is 90k. In the project for a $64,500. 20% of my own money puts me at $12,900. so loan from the lender needed is $51,600. total profit is $25,500 minus closing costs and paying myself back the $12,900 I'm looking at a $10,000 profit. Does that make sense? I can put a report together if it would be easier.

It is my first deal.

I recently got a home under contract, old beat up 3 bed 2 bath in a neighborhood that generates homes around the 90k area. I got it for $14,500. An LLC bought it for $1 from the previous owner that pretty much had squatters in it. So The LLC was just trying to dump it. New roof and a company is coming in to install a radon mitigation system so the basement is getting a vapor barrier installed all before I even close on the house. other than that we are looking at about a 50k rehab, ARV is at 90k. My problem is that my hard money lender just pulled out on me for the reasoning that I purchased the house for too cheap and the underwriters don't like it. First, Is this an actual excuse and two, does anyone have any recommendations for hard money lenders that typically deal with the smaller loans of around 65k in PA? Closing is in 3 weeks.

I want to thank everyone that responded. I really appreciate the help. I just continued to call and finally got a bank that is willing to help me out. @Andrew Kerr I basically have the option to do both. I am setting up an LLC as we speak, just trying to figure out if doing it with a lawyer is worth it. I have decided to do this one under my name as, like you said, It's easier to get banks to work with you. Thanks again. I will be asking a ton of questions later on down the road I'm sure.

I'm trying to get all my ducks in a row and set up some exit strategies for my first BRRRR. I'm turning a SFH into two apartments that rent for $1600 total. Purchase is $50k, rehab is $35k, ARV is $160,000. I have a hard money lender that s recommended through BP that is willing to do business with me, however, I am having issues finding a bank that will Refinance or allow me to pull equity out of the house once it's done. Every bank I have spoken to shuts me down once they hear that I am not living in it. Am I missing something here? How is everyone that utilizes this strategy pull money out of these rehabs?